How do you move clients beyond price?

It’s time to harness the power of busy. It’s a fact of life that we’re all busy, but why does ‘busy’ matter to financial planners? The answer could change the way you run your business.

A side effect of being busy is that people have less time to think. If something seems hard, it’s likely to move the bottom of the list. When hours in the day are precious it becomes imperative that people can get more done in less time, with the least amount of hassle. 

Connecting money and life
Traditional industry structures have led to a disconnect between (a) how clients think about their money - everything from budgeting and mortgages to investments and superannuation - and (b) how financial professionals position themselves; I’m an investment professional, I’m a mortgage broker, I’m an accountant and so on. The result is that planners are missing an opportunity to meet the money needs of their clients and become more valuable to them in the process.  

Moving from too hard to ‘too easy!’
A good example is mortgages. How many of your clients have a mortgage? Can your client get advice from you about their mortgage? If the answer is no, your clients life has just become that little bit harder. In rapidly changing industry, advisers who offer a broader range of relevant services will have a competitive advantage. But where do you start? Here are 3 examples of how you can become more attractive to the busy client.

Mortgage solutions and debt advice 
Being able to help your clients with their mortgage connects your business with a core financial need of millions of Australians. It can also help you improve outcomes. Many people wait until they have paid off their mortgage before they seek advice. This delay often means they may not have the most effective cash flow, debt repayment strategy, super portfolio or back-up plan in place. With the ability to service your clients mortgage needs, you have the opportunity provide clients with advice earlier and increase the ‘stickiness’ of your relationships, while contributing to your bottom line. 

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Intergenerational advice
Charmaine Curtain is Managing Director of Global Partnerships Financial Consulting has been working with families for over 27 years. She sees parents using a number of strategies to help their children out financially – from offering to cover the cost of their weddings to paying off some of their mortgage. But she says the best assistance that a parent can give the next generation is the tools to help them stay financially
secure – and that means seeking advice early. By offering intergenerational advice you can add value for your existing clients while opening the door to the next generation. 

Business and family succession
Trust is a key ingredient to successful client relationships. Providing estate planning and business insurances gives you the ability to service more of your clients’ needs and reduce the ‘hassle factor’. Your clients don’t have to go through the process of building additional relationships. And you don’t have to risk diluting your relationship by sending your client elsewhere.

Helping deliver new opportunities
With downward pressure on fees and increasing competition MLC understands the pressure on planners to evolve. At MLC we help our advisers put good ideas into practice with business support, innovative technology and strategic opportunities such as mortgage solutions.

Visit the MLC website ;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=?" BORDER="0" HEIGHT="1" WIDTH="1" ALT="Advertisement">  and talk to our team today about how we can help you reach your business goals.